Our reports and studies related to LDS Church finances
Project Sources
Links to all known public sources of information about Church finances.
NEW: For audio narration of our reports, see our YouTube channel. Non-English speakers, select settings > subtitles > auto-translate.
The Widow’s Mite, 2021 (Launch Report)
A report on the state of wealth in The Church of Jesus Christ of Latter-day Saints.
The Widow’s Mite, 2022 year-end update (part 1) (2023)
The Widow’s Mite, 2022 year-end update (part 2) (2023)
Updated estimates, new analysis & notable developments in 2022.
The Widow’s Mite, 2023 year-end update (NEW) 
Updated estimates, new analysis & notable developments in 2023.
Income & Expenditures
Visual charts summarizing our best estimates of total Church monetary inflows and outflows by year.
Church Real Estate (2022)
A categorical breakdown and valuation estimate of all identifiable Church real estate holdings, including operating properties and investment assets.
U.S. Land Ownership (2023)
Overview of Church land ownership in the USA. 2.3M+ acres. Share of private land and total acreage owned, mapped state by state, and a brief look at the large-scale Florida development project.
Temples (2022)
An informative study & analysis of LDS temples, by the numbers. Perspective on temple expansion, long-term costs, a 1,000-temple scenario, and unit cost analysis.
WSJ Report Validates Our Temple Cost Estimates (2023)
Public records obtained by the Wall Street Journal for the Pocatello, Idaho temple show construction cost in $/sq-ft is similar to the value in our estimation framework, adjusted for inflation.
Ensign Peak (the Church’s primary investment arm) (Part 1) (2023)
Ensign Peak (the Church’s primary investment arm) (Part 2) (2023)
A data-driven study of Ensign Peak and affiliated Church investment funds. Analysis of EP’s direct holdings in US public stocks and overall investment portfolio returns.
Brief excerpts related to Church investments:
- “Sin Stocks” and “War & Weapons Stocks”
- Do Other “Ensign Peaks” Exist?
- US Stockholdings vs Total Investments
Quarterly updates based on 13F filings:
SEC Violations & Settlement (2023)
A visual summary of the SEC’s 9-page Cease and Desist Order, which was issued to Ensign Peak and the LDS Church following the $5 million settlement of charges for systematic violations of federal securities law from 1999 through 2019. We examine various declarations on federal securities filings (Form 13F) which were falsified. Clarifications to Q&A in the Church’s published statement on the SEC settlement.
- SEC Order (PDF)
- 2002-2022 EP & Clone (Shell) LLC Holdings (Workbook)
- Timeline & Assets of the Shell LLCs
13G Violations by Ensign Peak (NEW)
13F filings by Ensign Peak’s shell LLCs beginning with the year ending on 12/31/2002 reveal multiple violations of “5% rule” disclosures, known as Schedule 13G, for stakes in public stocks exceeding 5%. Trading patterns indicate these violations were not accidental.
DMBA: Filings Raise Questions (2023)
Questions arising from our analysis of DMBA’s federal Forms 5500 and 13F. DMBA is the Church-owned administrator of employee benefit programs. We believe that, like Ensign Peak, DMBA was in violation of SEC disclosure laws for 10+ years prior to 2020.
Beneficial Life Insurance: A Fading Legacy (Part 1) (2023)
Beneficial Life Insurance: A Fading Legacy (Part 2) (2023)
Analysis of financial reports and other data, covering over a century in business. Beneficial received a ~$600M Church bailout during the great financial crisis and exited the market in 2009. The company is well funded today, is committed to fulfilling all existing policies and will be making payouts for ~100 more years. Analysis also finds evidence of SEC 13F violations and questionable related-party transactions with DMBA.
LDS Charities (2022)
A summary and analysis of reported humanitarian giving, covering LDSC reports from 2011 to 2021.
Caring For Those In Need (2022 annual report)
Caring For Those In Need (2023 annual report) (NEW)
Analysis of the Church’s annual charitable giving reports, with a primary focus on financial data. Updated forecast for the growth in humanitarian aid, which appears to have increased by ~5x between 2021 and 2023.
Related to LDS Charities:
Church Auditing Department Report (NEW)
What is the annual Church Auditing Department report, given during April General Conference? A brief look at what the report says, and what it does not say. Risk of impaired objectivity highlighted in the case of Ensign Peak and the SEC investigation.
General Authority Compensation (Updated for 2024)
A brief analysis of the living allowance offered to all of the Church’s General Authorities. Employment, salary & benefits data for the Church and its subsidiaries.
BYU Tuition Subsidies & System Financials (2023)
An analysis of audited BYU system financial reports from 2014 to 2021. Tuition comparisons and effective per-student scholarships for each BYU system campus. Trended campus income & expenses.
As recipients of federal student aid, BYU system campuses submit audited financial statements to a federal database, which is accessible to the public.
Active Membership Indicators (NEW)
While total reported membership continues to grow by ~1% per year, active membership appears to have declined from 2016-2022, based on analysis of 3 distinct time-series datasets: member donations (5 countries), surveys (CCES) and male missionary service. Datasets are indexed to 100 for comparability. We also plot national census results (religious affiliation) and self-reported household incomes by religious affiliation as found in the CCES surveys.
For those interested in further study of the CCES data, we created a Google Sheets workbook with 9 relevant demographic fields for all 524,436 responses in years 2010-2022.
Global Tithing & Membership Summary (2023)
A look at the global distribution of Church membership and tithing income. Ward-level economics, normalized to a global average ward-equivalent size congregation.
Tithing Participation Rates (2023)
Calculated “tithing participation rate,” a financial indicator of membership activity, for five countries with mandatory Church financial reporting (United Kingdom, Canada, Australia, New Zealand and the Netherlands).
LDS Missionaries & Activity Rates (NEW)
Examination of total LDS missionaries since 1999, with a look at the data for male, or “Elder,” missionary service and implications for long-term activity rates.
Church Financial Structure in Australia (2023)
Examination of the Church’s financial structure in Australia. 6 entities, organized for maximum member tax-efficiency. Illustrated fund flows over time. Evolution of LDSCA. Comparison of the Church’s approach to tithing with practices of other major denominations.
Spotlight: Child Sexual Abuse Claims in Australia (NEW)
An analysis of claims against the LDS Church under Australia’s ongoing restitution program for victims of institutional child sexual abuse.
News & Current Events
Observations and data-focused clarifications regarding recent headlines.
60 Minutes, “The Church’s Firm” (2023)
Observations and clarifications related to the May 14, 2023 “60 Minutes” feature and its four extended interview cuts.
Huntsman Lawsuit
- Court Filing Data Validates Whistleblower (2023)
Church records submitted to the CA Court of Appeals disclosed certain financial figures, each of which are consistent with values in the whistleblower’s documentation. - Were Investments Sold to Fund the City Creek Mall? (2023)
We examined 13F filings for 2003 and 2004 to answer the question, “Did the Church sell investments to fund the City Creek Mall?” Related to assurances that no tithing was used to fund the mall project. This is a 1-page summary of our findings.
Excerpts
Wealth Comparison (2023)
A comparison of our current estimate of LDS Church wealth compared with some of the most cash-rich institutions in the world.
Years of Expenses Saved (2024)
Years of operating expenses saved in reserve: comparison with the wealthiest private institutions. Timeline of estimated years of expenses saved since 1996.
Primary Use of Church Investments (2024)
A one-page graphical illustration of the growth of Church investment savings with the implied year-by-year choices to prioritize accumulating money.
Church Investments as an “Endowment” (2023)
Analysis, based on the BYU endowment policy, showing that if Church investment reserves are like a university endowment, then the Church has enough money to be financially self-reliant forever.
Path to $1 Trillion (2024)
Forecasted timeframes to reach $1 Trillion in total assets, based on historic rates of investment return, assuming the Church continues to reinvest all of its invested savings and surplus donations.
Tax Questions (Australia & Canada) (2023)
A summary of issues raised by news media about the Church’s tax avoidance practices in Australia and Canada.
Sustainability or Greenwashing? (2023)
As the 2022 annual report includes a new section, “Environmental Stewardship,” we discuss the data and suggest a separate sustainability report, following best practices, to avoid the pitfall of corporate greenwashing.
The Solar Opportunity (2023)
A brief summary of the cost-benefit analysis if every chapel & temple were upgraded to 100% solar energy. Based on the Church’s emerging emphasis on environmental stewardship.
Overview
Mormon Stories feature discussion (Part 1) (2023)
Mormon Stories feature discussion (Part 2) (2023)
Mormon Stories feature discussion (Part 3) (2023)
Excerpts from various project reports, referenced during Mormon Stories walkthrough episodes 1736, 1751 and 1789.
Main Page: https://widowsmitereport.wordpress.com
Feedback, including critical analysis, questions and links to overlooked sources, may be sent to the.widows.mite.report at gmail dot com
List of Sources
(Links to all known sources related to Church finances)
The Widow's Mite Report 